Demonetization of INR 500 and 1000 notes a good move?
Narendra Modi has done it again. He has made change in the nation as promised (unlike Kejriwal) *cough* *cough*
Though I personally commend the demonetization of INR 500 and 1000 Rupee notes, I think the move was executed without having enough new notes printed in advance. I still see hundreds of people lined up outside banks and ATMs and when I finally get my turn, there isn’t any money left in the ATM or the banks are out of notes.
Why were 500 and 1000 Rupee notes demonetized?
The scheme of demonetization was introduced earlier in November because there have been a lot of cases regarding black money, smuggling and using cash to support terrorism and illegal activities like money laundering, prostitution, etc.
Apart from that, a lot of people had also started counterfeiting money which was affecting the economy to a larger extent.
In my opinion, the move was smart. It was a sudden attack at people who had money stashed away and who were hiding it from the Income Tax department or those who were funding terrorists and other organizational groups that could, in turn, harm the nation in many ways.
What I am not happy about however are the long lines at ATMs and banks. You have to stand hours in a line or fight off unwanted people who want to cut into the line because they are slightly older than you.
What about the rest of the notes?
The Rs. 100, Rs. 50, Rs 10, Rs. 20 and Rs. 5 notes are still valid because they are the least used notes when transactions of any sort take place. At least we understand the value of money now. As easy as it is printed, it can be taken away from us. Now we truly understand the value of every penny. Hopefully, there are fewer counterfeits or smuggling activities because of the introduction of these new notes. Let’s see what we have waiting for us.